Nvidia has lost a Supreme Court challenge to try stop an investor-led lawsuit that says it understated its GPU sales to crypto miners.
Nvidia will have to face a class-action suit alleging it misled investors about the volume of sales to crypto miners after the United States Supreme Court dismissed the chip maker’s appeal to throw it out.
The justices issued a single-line order dismissing Nvdia’s appeal on Dec. 11, providing no explanation. It now reinstates an appellate court’s decision that revived the suit, which a California district court initially dismissed in March 2021.
Nvidia was looking to overturn the Ninth Circuit appeals court ruling from last August that revived a 2018 suit from a group of Nvidia shareholders claiming the firm hid over $1 billion in GPU sales made to crypto miners and that CEO Jensen Huang downplayed the volume of sales to the industry.
